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IAASB

NEWS ALERT


	NEW IAASB FACT SHEET HELPS AUDITORS NAVIGATE QUALITY MANAGEMENT FOR GROUP AUDITS



	(New York, New York, December 15, 2022)

The International Auditing and Assurance Standards Board (IAASB) has published a new fact sheet on the interactions between International Standard on Audit (ISA) 220 (Revised), which addresses quality management at the engagement level, and ISA 600 on group audits. The fact sheet highlights aspects of a group audit that may be affected by ISA 220 (Revised) and International Standard on Quality Management 1 addressing quality management at the firm level. This includes the revised definition of engagement team and leadership and direction, supervision, and review responsibilities.

The factsheet will be particularly useful for group audits in which component auditors are involved.



	Contact: Megan Hartman Senior Manager, Communications +1 212 286 9344 meganhartman@iaasb.org

Prepared by IFAC's Communications Department. Contact communications@ifac.org for further information.
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<html> <body> <style> a { color: #E25936; text-decoration: none; } </style> <table border="0" cellpadding="0" cellspacing="0" width="650" align="center" bgcolor="#f2f2f2"> <tbody> <tr> <td style="padding:0" width="650" colspan="2" align="center"> <font><span style="font-size:9.0pt;font-family: Arial, Verdana, sans-serif;">Having trouble viewing this email? <a href="http://www.ifac.org/iaasb/news-events/2022-12/new-iaasb-fact-sheet-helps-auditors-navigate-quality-management-group-audits" target="_blank">View the online version here</a>.</span></font> </td> <td rowspan="20"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="20" width="20" alt="" /></td> </tr> <tr> <td colspan="2"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="10" width="20" alt="" /></td> </tr> <tr> <td colspan="2"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="20" width="20" alt="" /></td> </tr> <tr> <td> </td> <td> <table cellpadding="0" cellspacing="0"><tr> <td width="440" valign="top"><p><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/newsletter/press-release/iaasb.png" width="198" height="57" alt="IAASB" /> </p></td> <td width="100%" align="right"> <font align="right" style="font-size: 14px; font-family: Arial, Verdana, sans-serif;"><b><span style="font-size:14px;font-family:"Arial","sans-serif""><a href="https://twitter.com/IAASB_News" target="_blank"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/addthis-twitter.png" border="0" height="20" width="20" alt="Twitter" /></a> <a href="https://www.linkedin.com/company/iaasb/" target="_blank"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/addthis-linkedin.png" border="0" height="20" width="20" alt="LinkedIn" /></a> <a href="https://www.youtube.com/channel/UCwM6ao9Id3G35NNxGLgf7mg" target="_blank"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/addthis-youtube.png" border="0" height="20" width="20" alt="YouTube" /></a><br /><br /><font color="#0C275F">NEWS ALERT</font></span></b></font> </td> </tr></table> </td> </tr> <tr> <td colspan="2"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="10" width="20" alt="" /></td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> <td style="padding: 0;"> <table cellspacing="0" cellpadding="0" border="0" width="100%" bgcolor="#ffffff"> <tr> <td colspan="3"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="25" width="20" alt="" /></td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> <td width="100%"><font style="text-align: left;"><strong><span style="text-align: left; color: #0C275F; font-family: Arial; font-size: 19px; font-weight: bold; line-height: 22px;">NEW IAASB FACT SHEET HELPS AUDITORS NAVIGATE QUALITY MANAGEMENT FOR GROUP AUDITS</span></strong></font></td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="5" width="20" alt="" /></td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td><font style="text-align: left;"><span style="font-size: 12px; font-family: Arial, Verdana, sans-serif;color: #101010; text-align: left;"><em></em></span></font></td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> <tr> <td colspan="3"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="5" width="20" alt="" /></td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td><p style="color: #101010; font-family: Verdana; font-size: 12px; line-height: 16px;" >(New York, New York, December 15, 2022)</p></td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> <tr> <td colspan="3"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="10" width="20" alt="" /></td> </tr> </table> </td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td bgcolor="#ffffff"> <table border="0" cellspacing="0" cellpadding="0"><tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="10" width="20" alt="" /></td> </tr></table> </td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> <td style="padding: 0" bgcolor="#ffffff"> <table border="0" cellspacing="0" cellpadding="0"><tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> <td> <font style="color: #101010; font-family: Verdana; font-size: 12px; line-height: 16px;">The International Auditing and Assurance Standards Board (IAASB) has <a href="https://www.iaasb.org/publications/quality-management-and-group-audits-highlighting-certain-aspects-interaction-between-isa-220-revised">published a new fact sheet</a> on the interactions between <a href="https://www.iaasb.org/publications/international-standard-auditing-220-revised-quality-management-audit-financial-statements">International Standard on Audit (ISA) 220 (Revised)</a>, which addresses quality management at the engagement level, and ISA 600 on group audits. The fact sheet highlights aspects of a group audit that may be affected by ISA 220 (Revised) and <a href="https://www.iaasb.org/publications/international-standard-quality-management-isqm-1-quality-management-firms-perform-audits-or-reviews">International Standard on Quality Management 1</a> addressing quality management at the firm level. This includes the revised definition of engagement team and leadership and direction, supervision, and review responsibilities.</font><br /><br /><font style="color: #101010; font-family: Verdana; font-size: 12px; line-height: 16px;">The factsheet will be particularly useful for group audits in which component auditors are involved.</font><br /><br /> </td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> </tr></table> </td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td bgcolor="#ffffff"> <table border="0" cellspacing="0" cellpadding="0"><tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="10" width="20" alt="" /></td> </tr></table> </td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td align="right" bgcolor="#ffffff"> <table cellpadding="0" cellspacing="0"> <tr> <td valign="top"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td valign="top" bgcolor="#999999"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td valign="top"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> <tr> <td valign="top"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td valign="top"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> <td valign="top"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> <tr> <td valign="top"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td align="right" width="100%"> <p align="right" style="font-size: 12px; font-family: Arial, Verdana, sans-serif;"> Contact:<br /> Megan Hartman<br /> Senior Manager, Communications<br /> +1 212 286 9344<br /> <a href="mailto:meganhartman@iaasb.org" target="_blank" style="text-decoration: none"><b><font color="#E25936">meganhartman@iaasb.org</font></a></b> </p> </td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> <tr> <td valign="top"> </td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" alt="" /></td> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> </tr> </table> </td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="1" width="20" alt="" /></td> <td bgcolor="#ffffff"> <table border="0" cellspacing="0" cellpadding="0"><tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="10" width="20" alt="" /></td> </tr></table> </td> </tr> <tr> <td colspan="2"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="5" width="20" alt="" /></td> </tr> <tr> <td colspan="2"><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="10" width="20" alt="" /></td> </tr> <tr> <td><img src="http://www.ifac.org/sites/all/themes/ifacg3/images/spacer.gif" border="0" height="15" width="20" alt="" /></td> <td> <span style="font-size: 10px; font-family: Arial, Verdana, sans-serif;"><b> Prepared by IFAC's Communications Department. 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